[Online Special] Inside GIC & Temasek - Pt 3/5 | Singapore Reserves Revealed
Summary
TLDRシンガポールの年間収支報告書には、他国の予算ではあまり見られない『純投資収益貢献(NIRC)』という項目があります。2022年にはNIRCはS$22.38億に達し、個人所得税や法人税の合計に匹敵する額でした。このNIRCは、シンガポールの準備金を投資して得られた収益の半分から成り立っています。主要な投資機関であるGICとテマセク・ホールディングスは、それぞれ異なるリスク戦略で運用されています。GICはより防御的な資産に投資し、テマセクは高リスク・高リターンの戦略を取っています。
Takeaways
- 💼 新加坡的年度收支表中有一个独特的项目,称为净投资回报贡献(NIRC),2022年达到223.8亿新元。
- 📈 NIRC的数额超过了个人所得税收入,与公司税总额相媲美,甚至超过了国防、教育或医疗保健的支出。
- 🌐 没有NIRC,新加坡的个人所得税率可能是当前的两倍,商品和服务税可能增加一倍以上。
- 🏦 NIRC是新加坡储备投资回报的一半,由新加坡金融管理局(MAS)、新加坡政府投资公司(GIC)和淡马锡控股负责增长。
- 💼 GIC和淡马锡是最专注于赚钱的组织,GIC的投资组合超过60%是股票,其余是债券和实物资产如房地产和基础设施。
- 🌟 淡马锡自2002年起开始国际化投资,2004年在孟买和北京开设了首个海外办事处。
- 📊 经过二十年的发展,淡马锡的海外资产远远超过了在新加坡的投资,其总投资组合增长了四倍多。
- 🌍 目前,淡马锡超过70%的投资在海外,这与GIC的投资策略有所不同。
- ⚽️ 淡马锡主要投资股票甚至初创公司,风险较高但回报也高,类似于足球中的进攻型策略。
- 🛡️ GIC拥有更多防御性资产,如债券,以抵御市场波动。
- 🚀 淡马锡近年来也开始投资初创公司和自建公司,以捕捉新兴领域的增长机会,例如使用AI提供超个性化的客户忠诚度平台。
- 🗣️ 由于淡马锡投资于风险较高但潜力大的资产,其表现经常成为网上热议的话题。
Q & A
シンガポールの年度予算帳に何が記載されていますか?
-シンガポールの年度予算帳には、他の国とは異なる「純資産投資リターン貢献」(NIRC)という行が記載されています。
2022年のNIRCはどのくらいの金額でしたか?
-2022年のNIRCは22.38億シンガポールドルでした。
NIRCがなければ、シンガポールの個人所得税と商品サービス税はどのようになりますか?
-NIRCがなければ、シンガポールの個人所得税は現在の率の2倍になる可能性があり、商品サービス税は倍以上になるかもしれません。
NIRCはどこから得られますか?
-NIRCはシンガポールの準備金を投資して得られるリターンの半分であり、その成長を担当しているのはシンガポール金融庁(MAS)、シンガポール政府投資公社(GIC)および淡馬錫控股(Temasek Holdings)です。
GICとTemasek Holdingsはどのようにして収益を生み出していますか?
-GICとTemasek Holdingsは主に株式、つまり企業の株を保有し、その投資リターンを生み出しています。また、債券や不動産、インフラなどの物理資産も持っています。
GICのポートフォリオの60%以上はどのような資産ですか?
-GICのポートフォリオの60%以上は株式であり、これは企業の株を指しています。
Temasekの投資戦略はどのように進化しましたか?
-Temasekは1970年代から2000年代初頭まで主に国内企業の成長に注力していましたが、2002年には国際投資を通じてグローバルな市場シェアを獲得することを意図表明し、2004年に初めて海外オフィスを開設しました。
Temasekの海外投資は現在どのような割合を占めていますか?
-現在、Temasekの投資の70%以上が海外投資を占めています。
GICとTemasekのリスクアペタイトの違いはどのように表現できますか?
-GICは債券などの防衛的な資産を多く持っており、市場の変動に対して守るためのアプローチをとっています。一方、Temasekは株式やスタートアップに投資し、リスクは高いがリターンも高いという攻撃的なアプローチをとっています。
Temasekは最近どのような新しい投資分野に進出していますか?
-Temasekは最近、スタートアップや初期段階の企業への投資に進出しており、特にAIを活用したハイパーパーソナライズド顧客ロイヤルティプラットフォームのような未開拓の分野での成長機会を捉えようとしています。
Temasekのパフォーマンスが議論される理由は何ですか?
-Temasekはリスクの高い資産に投資しており、その結果、パフォーマンスは年間によって大きく変動することがあり、そのため議論されることがあります。
Outlines
💼 新加坡的国家预算与NIRC
新加坡的国家预算中有一个独特的项目,称为净投资回报贡献(NIRC)。2022年,NIRC的金额达到了惊人的223.8亿新加坡元,超过了个人所得税的收入,甚至接近公司税的总收入。如果没有NIRC,新加坡的个人所得税率可能会是目前的两倍,商品和服务税也可能翻倍。NIRC是新加坡储备金投资回报的一半,主要由新加坡金融管理局(MAS)、新加坡政府投资公司(GIC)和淡马锡控股负责管理。GIC和淡马锡是主要的投资回报来源。GIC的投资组合中超过60%是股票,其余部分包括债券和实物资产如房地产和基础设施。
🏙️ 新加坡北部的经济发展项目
新加坡北部正在进行一个重要的经济发展项目,这将有助于增加新加坡的储备金。作为一个1965年成立的新国家,新加坡需要迅速工业化并发展其小型经济。新加坡政府是唯一的股东,但存在两张股票证书,其中一张是2017年重新设计的股票证书。淡马锡的投资策略自1974年首次设立以来也进行了更新。从70年代到2000年代初,淡马锡专注于发展其监管下的本地公司。2002年,淡马锡决定投资国际市场,以分享全球经济的增长。2004年,淡马锡在孟买和北京开设了首个海外办事处,海外投资占其投资组合的近一半。如今,超过70%的淡马锡投资在海外,但淡马锡和GIC的投资策略有何不同呢?
🏦 淡马锡与GIC的不同投资策略
淡马锡主要投资于股票,甚至初创企业,采取高风险但高回报的投资策略,类似于足球比赛中的五前锋两后卫的攻击型策略。这种策略旨在通过较少的防御性资产(如债券)来获得更高的回报。相比之下,GIC拥有更多的防御性资产,以抵御市场波动。虽然这种描述有些夸张,但它解释了为什么与GIC相比,淡马锡的年度表现可能会有更大的波动。近年来,淡马锡也开始投资于初创企业和早期交易,这些投资如果成功,将带来更高的回报。自2019年以来,淡马锡甚至开始创建自己的初创企业,以抓住未开发领域的增长机会,例如使用人工智能提供超个性化的客户忠诚度平台。由于淡马锡投资于风险较高的资产,其表现常常成为键盘战士热议的话题。
Mindmap
Keywords
💡NIRC
💡Monetary Authority of Singapore (MAS)
💡GIC
💡Temasek Holdings
💡equities
💡bonds
💡physical assets
💡risk appetite
💡international investments
💡start-ups
💡AI
Highlights
Singapore's annual incomes and expenditures sheet includes a unique line item called Net Investment Returns Contribution (NIRC).
In 2022, the NIRC was S$22.38 billion, higher than personal income tax revenue and rivaling corporate tax revenue.
NIRC funds are more than what the government spends on defense, education, or healthcare.
Without NIRC, personal income tax rates in Singapore could double and the Goods and Services Tax could more than double.
NIRC is half of the returns from investing Singapore's reserves, managed by MAS, GIC, and Temasek Holdings.
GIC and Temasek focus on generating a significant portion of Singapore's national budget.
Over 60% of GIC's portfolio is in equities, with the rest in bonds and physical assets like real estate and infrastructure.
Edmond, from GIC, will be featured in the Philippines, showcasing the organization's investment activities.
A project in northern Singapore is set to contribute to the growth of the country's reserves and money-generating assets.
Singapore had to industrialize and grow its economy quickly after becoming a new nation in 1965.
Temasek's investment strategy has evolved since its early days, with a refreshed design of its share certificate in 2017.
From 2002, Temasek expanded internationally to capture a share of the global market.
By 2004, overseas investments made up nearly half of Temasek's portfolio, and today over 70% of its investments are overseas.
GIC and Temasek have different risk appetites, with Temasek taking a more aggressive, attack-minded approach.
Temasek invests in equities, startups, and has even started building its own companies to catch growth opportunities.
Temasek's performance can be more volatile compared to GIC due to its higher risk investments.
Temasek's investment in riskier assets with high potential is often a topic of debate among online commentators.
Transcripts
In Singapore's annual incomes and expenditures sheet, there's a line that's seldom seen in other
national budgets
It's known as net investment returns contribution, or NIRC
In 2022, the NIRC was S$22.38 billion,
higher than revenue takings from personal income taxes and rivalling the
total from corporate taxes
It's also more money than what the government spent on defence
or education, or healthcare
Without the NIRC, personal income tax in Singapore could be twice the current rate
Goods and services tax could more than double
So your favourite cafe brunch fry-up?
You'd fork out this much more instead
Yikes
So what exactly is NIRC?
The NIRC is half of the returns derived from investing Singapore's reserves
And responsible for growing those returns today are the Monetary Authority of Singapore (MAS),
the Government of Singapore Investment Corporation, now known as GIC, and
Temasek Holdings
But it's GIC and Temasek that are most focused on making the money
For the first time ever, our cameras go behind closed doors of these two organisations
to meet the people directly responsible for generating a chunk of Singapore's national budget
And based on the government's risk preference, more than 60% of GIC's portfolio are
in equities, which are basically shares in companies
The rest of the portfolio is made up
of bonds and physical assets like real estate and infrastructure
They usually come with lower risks
We'll see Edmond in action later, when he lands in the Philippines
In the meantime,
let's check in on a project that's taking off in the northern part of Singapore
You could say, this is another feather in the cap of money generating assets,
set to contribute to the growth of Singapore's reserves
Wait a minute, you don't work at the Bird Paradise
As a new nation in 1965, Singapore had to industrialise and grow its small economy quickly
And the sole shareholder at that
But wait a minute, if the Singapore government is the only shareholder,
why are there two share certificates?
This was a refreshed design of the share certificate
that was issued in 1974
This refreshed design was done in 2017
Like its share certificate, Temasek's investment strategy has also been refreshed since it first set up office at the
grand old former Fullerton Building, with just a fraction of the staff it has today
From the '70s up until the early 2000s, Temasek focused on growing the local companies under its watch
But in 2002, Temasek set out its intent to invest internationally to capture a share
of the global pie
It opened its first overseas offices in Mumbai and Beijing in 2004
That year, investments outside of Singapore made up just under half of its portfolio
But over two decades, its overseas assets now far exceed investments in Singapore
a strategy that's also grown its total portfolio over fourfold
Today, more than 70% of Temasek's investments are overseas
But hang on, if Temasek invests overseas and so does GIC, just how different are they from each other?
We could explain the different risk appetites using a game of football
Temasek invests mainly in equities and even startups
Higher risks but higher returns
That's akin to having five strikers but two defenders
It's an attack-minded approach designed to score more and generate
higher returns by having fewer defensive assets
GIC owns more defensive assets such as bonds
to guard against market volatility
Okay, it's a bit of an exaggeration of their different
investment strategies, but it explains why when compared to GIC, Temasek's performance
can swing more wildly from year to year
In recent years, Temasek has also started investing in startups,
early-stage deals that promise
higher returns if the company takes off
Just like these
And since 2019, it has even gone into building its own startups
Temasek is getting into creating companies to catch growth opportunities in uncharted fields,
like using AI to provide
a hyper-personalised customer loyalty platform
But precisely because Temasek has gone into riskier assets with high potential,
Temasek's performance is often hotly debated by keyboard warriors
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